Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $43,000 in Interest Charges and Fees

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Summary: Details taking charge of your credit card debt
Review: "Talk Your Way Out of Credit Card Debt" provides solid advice on getting your rate reduced, annual fees waived, removing a late payment fee, handling disputes, and many other common problems when dealing with credit card companies. More than just advice, it is a collection of detailed examples of phone calls including complete transcripts. Each transcript demonstrates how the author handled a particular issue and the results of the call. Not content to just give one example of getting an interest rate lowered or removing over limit fees, each type of problem has several transcripts so you can get a good feel for what to expect and how to handle it. Most people are not aware of how much power they have when dealing with a credit card company and how to get things changed. This book walks the reader through the process from beginning to end and is a recommended read for anyone looking to gain control of his or her credit card situation.

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Summary: Great Book For Consumers Who Want To Lower Credit Card Costs
Review: "Talk Your Way Out of Credit Card Debt: Phone Calls To Banks That Saved More Than $43,000 In Interest Charges and Fees!" by consumer-advocate Scott Bilker shows people how to negotiate with credit card companies to reduce or eliminate fees, lower interest rates, and deal with credit card disputes and billing errors.

For himself, friends, and family, Bilker made hundreds of phone calls to credit card companies in an attempt to achieve a better deal and evaluate what works and what doesn't when calling credit card companies.

The full transcripts of fifty-two recorded phone calls are given and analyzed in "Talk Your Way Out of Credit Card Debt." The names of Bilker's friends were changed to protect their identities. Probably to prevent lawsuits, the names of the banks were changed to the names of dog breeds. And, the names of the account representatives and supervisors were changed to insect names.

The savings Bilker achieved were significant. In one phone call, Bilker got the bank to lower the interest rate from 13.72% to 8.75%, saving $4,320.00, based upon the existing credit card balance. (An appendix shows us how to calculate the savings we achieve by reducing credit card interest rates.)

In another case, Bilker absolutely couldn't get Mr. Mosquito or Ms. Glowworm at Shih Tzu bank to lower it's rate, but the bank offered a low rate for transfers from other accounts. So, Bilker promptly transferred the full balance out of Shih Tzu and then back again to get the lower transfer rate. Bilker speculates banks believe people are too lazy to transfer money around like this, even though the savings in interest paid by doing so are often in the thousands of dollars.

Bilker says it's crucial to keep your credit options open so you have bargaining power. He points out that banks with which you have established relationships are most likely to give you a good deal. So, Bilker argues, for people who carry credit card balances, there's little advantage in closing a no-fee, zero-balance account. With a phone call, they might lower their rate or might offer a great rate on transfers. Bilker writes: "Play all your credit card banks against each other. Make them fight for your business."

Bilker writes: "It's easy for someone to say 'just call the bank and get the fees waived,' but actually calling is a different story. Without training you might risk not knowing exactly what to say in a highly pressured moment.... The key to success is knowing who to talk to and exactly what to say."

Bilker notes that Americans expect a rigid pricing structure and often don't know what to say or feel intimidated when speaking with bank account representatives, who often give customers the run-around. (There's something quite empowering about having your account representative named Mr. Mud Wasp or Ms. Deer Tick.)

Chapters in "Talk Your Way Out of Credit Card Debt" discuss:

* Getting The Annual Fee Waived
* Reducing Or Eliminating Late Payment Fees, Overlimit Fees, and Cash Advance Fees
* Lowering Your Interest Rates
* Shopping Around To Get The Lowest Credit Card Rate
* Negotiating Settlements
* Dealing With Disputes, Chargebacks, And Errors

For consumers carrying credit card balances, the chapters about lowering interest rates and shopping around for the best interest rate are the most valuable. Bilker writes: "The key to repaying your debt efficiently, and I mean cheaply, is to keep your finance charges as low as possible."

In about 70% of the calls, Bilker got the bank to reduce its interest rate. Bilker tells us that at a high 19.8% APR, making minimum payments on $5,000 worth of credit card debt might take 46 years and cost $24,000 to pay off. Even a small reduction in the interest rate can save thousands of dollars.

"Talk Your Way Out of Credit Card Debt" gives especially useful advice in dealing with run-around. Through reading the phone call transcripts, you'll gain experience in negotiating with a bank. Bilker points out that an account representative might tell you he/she can't change your rate. He/she might tell you that the supervisor can't change it either. It's their best offer. Bilker says you should ask to speak with the supervisor, anyway, who will often lower your rate as requested.

Bilker gives some great tips for dealing with awkward moments. For example, if a representative asks if you want to close the account (you don't want to) or leave the rate where it is (as if those are your only two options!), Bilker says you could respond that you don't want to close the account, but that you plan to transfer the balance to another card and not use their card unless the rate is later lowered. Under pressure, unless you're familiar with what might be said or requested, you might say things that only sound like whining, which won't get you what you want.

I highly recommend "Talk Your Way Out of Credit Card Debt" to anyone who carries a balance on his or her credit cards or anyone who wants to gain skill in negotiating with a credit card bank to reduce interest rates or eliminate fees. Following Bilker's advice can save thousands of dollars in credit card interest and fees.

Rating:
Summary: the best book there is on the topic
Review: "Talk Your Way Out of Credit Card Debt" provides solid advice on getting your rate reduced, annual fees waived, removing a late payment fee, handling disputes, and many other common problems when dealing with credit card companies. More than just advice, it is a collection of detailed examples of phone calls including complete transcripts. Each transcript demonstrates how the author handled a particular issue and the results of the call. Not content to just give one example of getting an interest rate lowered or removing over limit fees, each type of problem has several transcripts so you can get a good feel for what to expect and how to handle it. Most people are not aware of how much power they have when dealing with a credit card company and how to get things changed. This book walks the reader through the process from beginning to end and is a recommended read for anyone looking to gain control of his or her credit card situation.

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Summary: Saved money on mistake bank made in their own favor.
Review: I don't know why a book like this has been written sooner. It contains so much common sense advice, I can't believe I didn't think of these things myself sooner. Thanks to Bilker's book I was able to take detailed notes, including names on promised rates for my IRA. When the promised rates didn't appear on my next statement, I was able to talk my way through many layers of resistance and finally get the original deal I was promised. I highly recommend this book to anyone with debt or who deals with any financial institutions for any reason.

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Summary: THE CONFIDENCE YOU NEED IS CONTAINED HEREIN...
Review: I had the same problem most of you reading this have. But after reading this book from cover to cover, I was awashed with a new vigor and confidence to launch a strategic war of words with the credit card telephone handlers. As you read thru the transcripts of the author's actual calls, picture yourself talking on the phone with the same savvy as he. Then close the book, put up your over charged, over penalized, and over interest rated bill and MAKE CALLS! Show them that you are taking CONTROL of your finances and relish the experience of sticking up for yourself.

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Summary: A valuable book from day one
Review: I was shopping for a book that would help me with the credit card debt I have accumulated. I chose this book. It has proven to be very bemeficial to me. It contains a large amount of information your banks don't want you to know. My first night of reading the book, I got up to about page 70 and made my first phone call, with the intent of gaining information about the account and possibly getting a fee reversed. I ended up getting a $50 credit to the account, relatively easily. I cannot praise this book enough! If you need to reduce your credit card debt, this book may very well be your solution.

Rating:
Summary: Not to bad
Review: My boss bought this book for me to read as I am an accountant. This book is probably very good for people who do not have a clue about their own finances. Otherwise, most of this is just common sense if you think about it.

Each person can individually call their credit card company and negoiate lower rates, late fees, dues, over credit limit fees, and interest rates instead of using the rip off companies of debt management you hear adverstised on all the air ways.

The book offers the novice "scripts" to follow. However, you must be willing to be agressive enough to call, then ASK for what you want. And if you do not get want you want, you must have the capability of moving your debt to another credit card, otherwise, you are stuck.

The reason I gave the book 2 stars was because in all of the examples, I never say the interest rates negoiated more than 3% (i.e. from 21.9% to a whopping 18.8%) Per the book, you do do better when you wait for the credit card companies to send you a letter to transfer balances at rates which are usually very low.

Again, if you are a novice, this is a good book for you. It is a quick read. You should use to book as continuing education of your own finances.

Rating:
Summary: Not to bad
Review: My boss bought this book for me to read as I am an accountant. This book is probably very good for people who do not have a clue about their own finances. Otherwise, most of this is just common sense if you think about it.

Each person can individually call their credit card company and negoiate lower rates, late fees, dues, over credit limit fees, and interest rates instead of using the rip off companies of debt management you hear adverstised on all the air ways.

The book offers the novice "scripts" to follow. However, you must be willing to be agressive enough to call, then ASK for what you want. And if you do not get want you want, you must have the capability of moving your debt to another credit card, otherwise, you are stuck.

The reason I gave the book 2 stars was because in all of the examples, I never say the interest rates negoiated more than 3% (i.e. from 21.9% to a whopping 18.8%) Per the book, you do do better when you wait for the credit card companies to send you a letter to transfer balances at rates which are usually very low.

Again, if you are a novice, this is a good book for you. It is a quick read. You should use to book as continuing education of your own finances.

Rating:
Summary: Bilker's finance evaluation strategies are extremely useful
Review: Talk Your Way Out Of Credit Card Debt by money management expert Scott Bilker is a straightforward, "user friendly" guide to negotiating with credit card banks for better interest rates and getting fees waived. Offering tested strategies for the waiver of annual fees, late payment fees, cash-advance fees and more, shopping for the best credit card deals, comparing loan options, getting refunds, and more, Talk Your Way Out Of Credit Card Debt is very highly recommended reading. Bilker's finance evaluation strategies are extremely useful, even to those who choose to carefully avoid getting into credit card debt in the first place!

Rating:
Summary: Bilker's finance evaluation strategies are extremely useful
Review: Talk Your Way Out Of Credit Card Debt by money management expert Scott Bilker is a straightforward, "user friendly" guide to negotiating with credit card banks for better interest rates and getting fees waived. Offering tested strategies for the waiver of annual fees, late payment fees, cash-advance fees and more, shopping for the best credit card deals, comparing loan options, getting refunds, and more, Talk Your Way Out Of Credit Card Debt is very highly recommended reading. Bilker's finance evaluation strategies are extremely useful, even to those who choose to carefully avoid getting into credit card debt in the first place!